Growing adoption of electric vehicles coupled with government initiatives to promote sustainable energy utilization will drive the lithium ion battery market. In 2015, electric car registrations witnessed a 70% increase from the previous year with 550,000 vehicles sold across the globe. According to EIA, China and the U.S accounted for 336 and 159 thousand electric vehicle sales respectively in 2016.

Industrial lithium ion battery market is to surpass USD 9 billion by 2024. These products find wide ranging applications across defense and healthcare sector where capacity, energy density and safety are of paramount importance. Ability to provide higher current makes its adoption preferable across heavy industries including mining, oil & gas and construction.

The U.S. in 2016, accounted for over 80% of North America lithium ion battery market share. Ongoing digitization of healthcare industry along with shifting trend toward IoTs has resulted increased demand for smart devices in the country. Government initiatives toward adoption of non-conventional fuel vehicles will further enhance the business outlook. Ongoing investments toward distributed generation coupled with growing demand for off-grid generation technologies will stimulate the product penetration across the energy storage applications. Rapid expansion of micro-grid networks will further provide impetus to industry growth. Nickel manganese cobalt oxide, lithium iron phosphate, and nickel cobalt aluminum oxide are prominent secondary batteries deployed for these applications.

United States Cylindrical Lithium Ion Battery Market by Manufacturers, States, Type and Application, Forecast to 2022

A lithium-ion battery or Li-ion battery is a type of rechargeable battery in which lithium ions move from the negative electrode to the positive electrode during discharge and back when charging. Li-ion batteries use an intercalated lithium compound as one electrode material, compared to the metallic lithium used in a non-rechargeable lithium battery. The electrolyte, which allows for ionic movement, and the two electrodes are the constituent components of a lithium-ion battery cell.

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